Rexford Industrial Realty is continuing to expand its holding in Southern California. In one recent deal that closed on Dec. 23, the company acquired an industrial asset in Corona for $10.5 million, or approximately $340 per square foot. The seller in the transaction is an entity linked to Motive Energy, which is also located at the property, according to public records.
The property is located near Interstate 15 at 755 Trademark Circle and consists of a 30,874 square foot industrial building on 1.6 acres of land. The building was constructed in 2002, and was last sold in 2015 for $4.5 million, records show.
Founded in 2001, Rexford Industrial invests in properties across Southern California. As of most recent data from November of 2022, the company’s portfolio consists of 41.8 million square feet across 346 industrial properties with 1,600 tenants.
The company has purchased a number of industrial properties across the region over the past year. In September, for instance, the company announced its acquisition of seven properties in Southern California for an aggregate purchase price of $338.9 million. The properties were located in Rancho Dominguez, Carson, Long Beach, City of Industry and Wilmington.
In July, the company also announced the acquisition of an additional seven properties throughout Southern California for a combined $660 million. The properties were acquired throughout June and July and include industrial assets in Eastvale, Jurupa Valley, Simi Valley, Torrance, Commerce and Los Angeles.